Default Numbers Rise on High End Homes

A minute ago I posted a blog about this massive house in Conn. Meanwhile, other highend home owners show signs of struggle with the same issues middle-income America is facing. Defaults on the McMansion have increased considerably. In Las Vegas, we have seen a split in the market as far as what homes are moving. Anything less than $250,000 (assuming it is priced competitively) is moving within a short period of time, days in some cases. Also, homes above $1.5 million are still selling at a decent rate. Homes between that range have seen a considerable increase in the average days on market. It seems however, according to an MSNBC report that many who bought large homes overextended and are losing ground to their mortgage.